A New Era of Self-Chartered & Boundless Growth
ET Polymers|October - November 2020
The futuristic and robust ‘Atmanirbhar Bharat’ campaign presents a great scope for the chemical industry, and it is a period of radical reforms, that can be a turning point not just for the Indian chemical sector in its domestic markets, but also in international waters.
Parag Jhaveri

As one navigates through the complex post pandemic world, one can see a change in the dynamics for most countries in their financial operations, right from their monetary policy frameworks to their trade guidelines. There is a powerful shift in their internal commerce, with the setting up of conservative and stringent fiscal measures to revive the local economy. India is no different. The futuristic and robust ‘Atmanirbhar Bharat’ campaign presents a great scope for the chemical industry, and it is a period of radical reforms, that can be a turning point not just for the Indian chemical sector in its domestic markets, but also in international waters.

The chemical industry is central to economic growth since it converts raw materials (such as oil, natural gas, minerals, etc.) into products used extensively in daily life. Hence, it plays a vital role in the economic development of a country and the quality of life enjoyed by its people. The chemical sector today manufactures about 90,000 products for a plethora of industries ranging from agrochemicals, textiles, construction, polymers, surfactants, nutraceuticals, to F&F and the consumer industry to name a few.

An extensive report on the industry by McKinsey and Co. found that between 2006 and 2019, the compound annual growth rate (CAGR) in TRS for India’s chemical companies stood at 15 percent—a figure much higher than the global chemical-industry return, with a CAGR of 8 percent, and the overall global equity market, with a CAGR of 6 percent.

Even when one takes into account the staggering displacement caused by the pandemic, there is no reason to worry, as the report observes that between 2016 and 2019 when India’s economy faced headwinds, the chemical industry maintained a CAGR of 17 percent. This is an extremely positive indicator of the future of the sector’s prospects, and the global pathway for the Indian chemical segment.

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